《大行报告》摩通上调希慎(00014.HK)目标价至31.4元 评级「中性」
摩根大通发表研究报告,指希慎(00014.HK)在疫情影响方面较同业轻微,同时意味通关後,复苏会较温和,估计折让将收窄,目标价由28.8元升至31.4元,维持「中性」评级。
该行指,预期零售市道反弹,管理层指租户销售表现大致符预期,以及香港零售趋势,剔除租金优惠,预期基本租金会录15至20%跌幅。公司商场租户更换率较低,并较少依赖旅客生意,令其复苏力度未及同业。
至於办公室方面,亦见下行压力,今年将有24%租务到期,相信铜锣湾地区租金会有17%跌幅,但预期写字楼出租率会因为本地经济活动恢复,以及「去中环化」的情况下有所增长。
该行又指,相信投资者对公司未来竞投加路连山道项目感到乐观,在目前200亿元融资额度,且负债比率不多於20%的情况下,相信公司可以取得项目之主要股权。但因应公司近年发展住宅市场,相信任何新增投资都可以影响其风险及其资产净值折让。
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